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Businesses in Hamburg off to good start in New Year

Promising developments, more investments and personnel - industry dampens expectations

Commerce in Hamburg was off to an above-average start in 2019, according to the Chamber of Commerce’s economic barometer. Nine out of ten companies surveyed have expressed satisfaction with their current business situation and 84.8 per cent of companies expect the situation to remain the same or even improve.

Tough search for skilled workers

“The current personnel planning among Hamburg’s companies indicates that there could be new record levels of employment in our city this year,” said Christi Degen, Managing Director of the Chamber of Commerce. “Due to the shortage of skilled workers, it will be difficult for many companies to fill each of these new positions in the best possible way.” The shortage of skilled workers remains one of the biggest business risks to Hamburg’s companies (currently 60.8 per cent over 54.1 per cent in 2018).

Industry dampens business expectations

Hamburg’s industry, on the other hand, has expressed caution about the new fiscal year. Yet, the industrial companies surveyed said the order situation is positive and are planning higher investments and staff increases. Growing uncertainty on the global markets and the impact on exports are contributing to the forecast.

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